Financial Results and Business Highlights for the Fourth Quarter of
2012

Revenue: For the fourth quarter of 2012, revenue increased to
$58.0 million from $34.5 million for the fourth quarter of 2011, a year
over year increase of 67.8%.

Gross Margin: For the fourth quarter of 2012, gross margin
improved to 41.2% from gross margin of 39.0% for the fourth quarter of
2011.

Net Income (Loss): For the fourth quarter of 2012, net income
attributable to common stockholders, on a GAAP basis, was $2.6 million,
compared to net loss attributable to common stockholders of $(1.2)
million for the fourth quarter of 2011.

Adjusted EBITDA: For the fourth quarter of 2012, adjusted EBITDA,
a non-GAAP financial measure that we define as net income (loss) before
interest, taxes, depreciation and amortization, and non-cash stock-based
compensation, was $5.6 million compared to adjusted EBITDA of
$1.2 million for the fourth quarter of 2011.

Net Income (Loss) per Share: For the fourth quarter of 2012, on a
GAAP basis, basic and diluted net income per common share was $0.03,
compared to basic and diluted net loss per common share of $(0.07) for
the fourth quarter of 2011.

Other Business Metrics: As of December 31, 2012, Millennial Media
reached over 400 million monthly unique users globally, including
approximately 160 million monthly unique users in the United States
alone. As of December 31, 2012, more than 39,000 apps were enabled by
mobile app developers to operate on Millennial Media’s platform, and
there were more than 350 million proprietary, anonymous user profiles
developed.

Financial Results for the Full Year 2012

Revenue: For the full year 2012, revenue increased to $177.7
million from $103.7 million for the full year 2011, an increase of 71.4%.

Gross Margin: For the full year 2012, gross margin improved to
40.5% from gross margin of 38.7% for the full year 2011.

Net Loss: For the full year 2012, net loss attributable to common
stockholders, on a GAAP basis, was $(6.8) million, compared to a net
loss attributable to common stockholders of $(5.3) million for the full
year 2011.

Adjusted EBITDA: For the full year 2012, adjusted EBITDA
increased to $4.5 million from $1.8 million for the full year 2011.

Net Loss per Share: For the full year 2012, on a GAAP basis,
basic and diluted net loss per common share narrowed to $(0.11), from
$(0.32) for the full year 2011.

“Our success in 2012 speaks to the effectiveness of our platform model
in delivering highly targeted and compelling mobile advertising
solutions. We delivered 68% revenue growth with record profitability in
the fourth quarter,” stated Paul Palmieri, co-founder, President and CEO
of Millennial Media. “Mobile advertising is still in its early stages of
development, and we believe its tremendous growth potential will
transform digital advertising. As a native mobile company, we are
excited about our leadership position in the market and our business
prospects in 2013.”

Outlook

Based on information available as of today, Millennial Media expects
total revenue for the first quarter of 2013 to be in the range of $48
million to $50 million and adjusted EBITDA to be between ($1.0) million
and ($1.5) million. For the full year 2013, Millennial Media expects
revenue to be in the range of $270 million to $280 million and adjusted
EBITDA to be between $17.0 million and $18.0 million.

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared
and presented in accordance with U.S. generally accepted accounting
principles (“GAAP”), Millennial Media reports adjusted EBITDA, which is
a non-GAAP financial measure. The Company uses this non-GAAP financial
measure for financial and operational decision making and as a means to
evaluate period-to-period comparisons. The Company believes that this
measure provides useful information about operating results, enhances
the overall understanding of past financial performance and future
prospects, and allows for greater transparency with respect to key
metrics used by management in its financial and operational decision
making. Non-GAAP financial measures should be considered in addition to
results and guidance prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, GAAP results. The non-GAAP
financial measure included in this press release has been reconciled to
the nearest GAAP measure in the table following the financial statements
attached to this press release.

Fourth Quarter and Full Year 2012 Financial Results Conference Call:
Millennial Media will host a conference call today at 5:00 p.m. ET to
discuss its fourth quarter and full year 2012 financial results,
developments in its business and the Company’s expectations for the
first quarter and full year 2013. A live webcast of the event will be
available on the Investor Relations page of the Millennial Media website
at http://investors.millennialmedia.com.
A live domestic dial-in is available at 866-202-3048 (U.S.) or
617-213-8843 (international) using passcode 78816830. If you are unable
to listen to the live conference call, a replay will be available
through February 26, 2013, and can be accessed by dialing 888-286-8010
(U.S.) or 617-801-6888 (international) using passcode 22920854. An
archived version of the webcast will also be available at http://investors.millennialmedia.com.

The statements in this press release that are not historical facts
constitute “forward-looking statements” that involve risks and
uncertainties and are made pursuant to the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
expectations regarding financial results for the first quarter and full
year of 2013, our growth and our continued expansion as the leading
mobile advertising platform company, as well as the growth of the mobile
advertising industry. The achievement or success of the matters covered
by such forward-looking statements involve risks, uncertainties and
assumptions, and if any such risks or uncertainties materialize or if
any of the assumptions prove incorrect, our results could differ
materially from the results expressed or implied by the forward-looking
statements we make. These risks and uncertainties include, but are not
limited to risks associated with our ability to expand our developer and
advertiser base, keep pace with technological and market developments
and remain competitive against larger companies in our industry as well
as potential new entrants into our markets. Further information on these
and other factors that could affect our results is included in our
Annual Report on Form 10-K that will be filed for the year ended
December 31, 2012 and other filings we make with the Securities and
Exchange Commission from time to time. These documents are available on
the ‘SEC Filings’ section of the Investor Relations page of our website
at http://investors.millennialmedia.com.

The statements made in this release are based on information available
to us as of the date of this release, and we assume no obligation and do
not intend to update these forward-looking statements, except as
required by law.

Millennial Media, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

December 31,

2012

2011

Assets

Current assets:

Cash and cash equivalents

$

137,439

$

16,707

Accounts receivable, net of allowances of $2,673 and $1,216 as of
December 31, 2012 and December 31, 2011, respectively